Ready Capital (NYSE:RC) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Ready Capital (NYSE:RC) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01, Zacks reports. The company had revenue of $232.35 million during the quarter, compared to analyst estimates of $64.34 million. Ready Capital had a net margin of 35.69% and a return on equity of 7.99%. During the same period in the prior year, the business posted $0.31 EPS.

Ready Capital Price Performance

Shares of RC traded up $0.23 during mid-day trading on Thursday, hitting $8.68. 1,443,495 shares of the stock were exchanged, compared to its average volume of 1,423,549. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.89 and a current ratio of 1.89. The company has a market cap of $1.47 billion, a PE ratio of 3.61 and a beta of 1.41. Ready Capital has a 52-week low of $8.25 and a 52-week high of $11.97. The firm has a 50-day moving average of $8.75 and a two-hundred day moving average of $9.49.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were given a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.82%. Ready Capital’s dividend payout ratio is currently 51.28%.

Insider Activity at Ready Capital

In related news, Director Kevin M. Luebbers acquired 5,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were acquired at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the transaction, the director now directly owns 119,925 shares in the company, valued at approximately $1,010,967.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Kevin M. Luebbers purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were bought at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the acquisition, the director now owns 119,925 shares of the company’s stock, valued at approximately $1,010,967.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gilbert E. Nathan acquired 10,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was purchased at an average cost of $8.65 per share, with a total value of $86,500.00. Following the purchase, the director now owns 83,099 shares of the company’s stock, valued at $718,806.35. The disclosure for this purchase can be found here. Insiders have acquired a total of 17,150 shares of company stock valued at $148,280 over the last 90 days. 0.95% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RC has been the topic of several research analyst reports. B. Riley reissued a “buy” rating and set a $12.00 target price (down from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $8.00 target price (down from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. BTIG Research reduced their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. UBS Group decreased their price target on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Wednesday, March 20th. Finally, StockNews.com cut Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $10.93.

Ready Capital Company Profile

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.